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Orient Cement Q2 FY27 results: net profit down 34.8% to ₹32 crore, revenue down 12.2%
Orient Cement Limited reported standalone revenue of ₹565 crore and a net profit of ₹32 crore for Q2 FY27. Revenue fell 12.2% from Q2 FY26, while EBITDA declined 54.6% to ₹75 crore and the EBITDA margin fell 12.4 percentage points to 13.3%; basic EPS was ₹1.56.
Key points
- Standalone Q2 FY27 revenue was ₹565 crore, down 12.2% from ₹643.32 crore in Q2 FY26.
- EBITDA was ₹75 crore in Q2 FY27 versus ₹165.36 crore a year ago, while the margin fell from 25.7% to 13.3%.
- Net profit was ₹32 crore, down 34.8% from ₹49.09 crore in Q2 FY26; basic EPS was ₹1.56.
- Versus Q1 FY27, revenue fell 6.5% to ₹565 crore and net profit fell 58.4% to ₹32 crore.
- For H1 FY27, revenue was ₹1,169 crore and net profit was ₹109 crore, compared with ₹1,509.8 crore and ₹254.46 crore in H1 FY26.
How did Orient Cement perform in Q2 FY27?
Orient Cement reported standalone revenue of ₹565 crore for Q2 FY27, down 12.2% from ₹643.32 crore in Q2 FY26 and 6.5% from ₹604 crore in Q1 FY27. Other income was ₹13 crore, taking total income to ₹578 crore. EBITDA was ₹75 crore, down 54.6% from ₹165.36 crore year on year and 47.9% from ₹144 crore in the previous quarter.
The EBITDA margin fell to 13.3% in Q2 FY27 from 25.7% in Q2 FY26 and 23.8% in Q1 FY27. Profit before tax was ₹44 crore, down 40.3% from ₹73.68 crore a year ago and 57.3% from ₹103 crore sequentially. Net profit was ₹32 crore, compared with ₹49.09 crore and ₹77 crore, respectively, while basic EPS was ₹1.56 versus ₹2.39 and ₹3.76.
The reported results are standalone. The filing also presents year-to-date figures for the first half of FY27 and the comparable prior period, but no separate consolidated result is given for the quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 565 | 604 | 643.32 | −12.2% | −6.5% |
| Other income | 13 | 5 | 11.84 | +9.8% | +160.0% |
| Total expenses | 534 | 506 | 581.49 | −8.2% | +5.5% |
| EBITDA | 75 | 144 | 165.36 | −54.6% | −47.9% |
| EBITDA margin | 13.3% | 23.8% | 25.7% | −12.4 pp | −10.5 pp |
| Profit before tax | 44 | 103 | 73.68 | −40.3% | −57.3% |
| Tax | 12 | 26 | 24.59 | −51.2% | −53.8% |
| Net profit | 32 | 77 | 49.09 | −34.8% | −58.4% |
| EPS (₹) | 1.56 | 3.76 | 2.39 | −34.7% | −58.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Orient Cement's costs and profit?
Total expenses fell 8.2% from ₹581.49 crore in Q2 FY26 to ₹534 crore in Q2 FY27, although they rose 5.5% from ₹506 crore in Q1 FY27. Cost of materials was the main reported increase, rising 19.3% year on year to ₹174 crore and 16.8% from ₹149 crore in the previous quarter.
Employee cost fell 18.5% year on year to ₹35 crore from ₹42.97 crore, while finance costs fell 60.2% to ₹1 crore from ₹2.51 crore. Depreciation fell 57.4% to ₹43 crore from ₹101.02 crore, and other expenses fell 1.7% to ₹280 crore from ₹284.97 crore. There was no exceptional item in the quarter.
Other income rose 9.8% year on year to ₹13 crore from ₹11.84 crore and ₹8 crore above Q1 FY27. Tax expense fell 51.2% to ₹12 crore from ₹24.59 crore a year ago and 53.8% from ₹26 crore sequentially. The filing provides the cost-line movements but does not state why operating profit declined.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 174 | 145.80 | +28.20 | +19.3% |
| Employee cost | 35 | 42.97 | −7.97 | −18.5% |
| Finance costs | 1 | 2.51 | −1.51 | −60.2% |
| Depreciation | 43 | 101.02 | −58.02 | −57.4% |
| Other expenses | 280 | 284.97 | −4.97 | −1.7% |
| Total expenses | 534 | 581.49 | −47.49 | −8.2% |
| Other income | 13 | 11.84 | +1.16 | +9.8% |
| Tax | 12 | 24.59 | −12.59 | −51.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, Orient Cement reported revenue of ₹1,169 crore, total income of ₹1,187 crore and profit before tax of ₹147 crore. Revenue was down 22.6% from ₹1,509.8 crore in H1 FY26, while total income fell 22.1% from ₹1,523.82 crore.
Net profit for H1 FY27 was ₹109 crore, down 57.2% from ₹254.46 crore in H1 FY26. Basic EPS was ₹5.31, compared with ₹12.38, a decline of 57.1%. Profit before tax was down 32.6% from ₹218.05 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,169 | 1,510 | −22.6% |
| Profit before tax | 147 | 218.05 | −32.6% |
| Net profit | 109 | 254.46 | −57.2% |
| EPS (₹) | 5.31 | 12.38 | −57.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹3,165 crore, up from ₹3,133.4 crore at 31 March 2026, while total equity was ₹2,247 crore compared with ₹2,145.87 crore. Borrowings were ₹40 crore versus ₹38.41 crore, and cash and cash equivalents were ₹5 crore versus ₹16.16 crore.
Inventories rose to ₹276 crore from ₹229.18 crore, while trade receivables fell to ₹310 crore from ₹839.96 crore. Trade payables declined to ₹401 crore from ₹473.95 crore. H1 FY27 operating cash flow was ₹533 crore, compared with an outflow of ₹56.1 crore in H1 FY26.
Investing cash flow was an outflow of ₹532 crore in H1 FY27 against an inflow of ₹16.35 crore a year earlier, while financing cash flow was an outflow of ₹12 crore compared with an inflow of ₹0.72 crore. Capital expenditure was ₹21 crore in H1 FY27 and ₹15.98 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,165 | 3,133 |
| Total equity | 2,247 | 2,146 |
| Borrowings | 40 | 38.41 |
| Cash and equivalents | 5 | 16.16 |
| Inventories | 276 | 229.18 |
| Trade receivables | 310 | 839.96 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 533 | −56.10 |
| Cash from investing | −532 | 16.35 |
| Cash from financing | −12 | 0.72 |
| Capital expenditure | 21 | 15.98 |
Source: Company's results filing (XBRL).
How has Orient Cement done over the last 8 quarters?
Revenue reached its highest point in the listed series at ₹866.48 crore in Q1 FY26 and its lowest at ₹565 crore in Q2 FY27. The latest quarter extended the decline from ₹604 crore in Q1 FY27, while revenue remained above the ₹636.1 crore recorded in Q3 FY26.
Net profit peaked at ₹205.37 crore in Q1 FY26 and bottomed at ₹10.14 crore in Q3 FY25. It fell from ₹77 crore in Q1 FY27 to ₹32 crore in Q2 FY27, although the latest profit remained above the Q3 FY26 level of ₹27.8 crore.
The EBITDA margin peaked at 25.7% in Q2 FY26 and bottomed at 9.0% in Q3 FY25. It declined from 23.8% in Q1 FY27 to 13.3% in Q2 FY27, pointing to lower profitability in the latest quarter.
What did Orient Cement's management say?
Management said Ambuja Cements has 14 expansion projects that will add approximately 30 million tons of cement capacity and 10.3 million tons of clinker capacity. The programme requires closer to INR14,500 crore and is intended to raise capacity to 149 MTPA by FY29 and 155 MTPA by FY30.
Management said H2 FY27 volumes are expected to grow ahead of the industry, with exit capacity utilisation expected near 75%. It also said the proposed ACC and Orient mergers with Ambuja are expected to complete within FY27, subject to regulatory, statutory and NCLT approvals. CEO Vinod Bahety said: “Subject to the requisite regulatory, statutory and NCLT approvals, we expect completion of the mergers within this financial year.”
Management identified geopolitical conflict, higher energy costs, domestic coal constraints and deficient monsoon conditions as risks. It also cited execution risk across 14 projects, competitive capacity additions, and Penna and Sanghi utilisation near 50% as risks to the expansion and asset productivity.
How did Orient Cement shares react?
After the filing, Orient Cement’s price was up 1.0% after five minutes, 2.7% after 15 minutes and 3.1% after 30 minutes from the price when the results appeared. On the reaction day, the stock closed 0.1% higher from its pre-results close, against a 1.8% decline for the median Cement & Cement Products stock.
By the next day’s close, the stock was up 2.3% from its pre-results close. By the fifth session’s close, it was down 3.4%. Over the same periods, the industry median was down 0.8% and 2.8%, while the Nifty Microcap 250 was down 1.9% and 2.0%.
Past results-day reactions were mixed: Orient Cement fell 0.5% on 23 July 2026 and 0.3% on 28 April 2026, but fell 4.8% on 29 January 2026. It rose 2.1% on 1 November 2025 and fell 3.5% on 25 July 2025.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | +1.0% | |
| 15 minutes | +2.7% | |
| 30 minutes | +3.1% | |
| Reaction day | +0.1% | −1.8% |
| Next day | +2.3% | −0.8% |
| 5 days | −3.4% | −2.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 23 July 2026 | −0.5% |
| 28 April 2026 | −0.3% |
| 29 January 2026 | −4.8% |
| 1 November 2025 | +2.1% |
| 25 July 2025 | −3.5% |
| 24 January 2025 | −0.8% |
| 8 November 2024 | +0.6% |
| 5 August 2024 | −2.7% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies that had filed for the quarter were compared with Orient Cement. Their median revenue growth was 13.5%, and all 19 grew faster than Orient Cement; none grew slower.
Profit was compared across 19 peers, with nine reporting higher profit. Orient Cement’s revenue declined from ₹643.32 crore in Q2 FY26 to ₹565 crore in Q2 FY27.
| Orient Cement revenue growth (YoY) | −12.2% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +13.5% |
| Companies with slower revenue growth than Orient Cement | 0 of 19 |
| Companies with faster revenue growth than Orient Cement | 19 of 19 |
| Companies whose net profit rose | 9 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Orient Cement's revenue in Q2 FY27?
Revenue from operations was ₹565 crore, down 12.2% from ₹643.32 crore in Q2 FY26 (standalone).
Did Orient Cement make a profit in Q2 FY27?
Yes. Net profit was ₹32 crore, against a net profit of ₹49.09 crore in Q2 FY26.
What was Orient Cement's EPS in Q2 FY27?
Basic earnings per share were ₹1.56, against ₹2.39 in Q2 FY26.
How did Orient Cement shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.1% from the previous close; the median Cement & Cement Products stock moved −1.8%.
When did Orient Cement announce its Q2 FY27 results?
On 22 October 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of The Board Meeting Held On October 22, 2026. (BSE, 22 October 2026) · PDF
- Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 22 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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